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The Politics of Equity Finance in Emerging Markets - Kathryn C. Lavelle

The Politics of Equity Finance in Emerging Markets

Paperback

Published: 1st October 2004
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Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have operated under different global political structures since that time, ranging from imperialism, to world wars, to sovereign developmental states, to neo-liberal states. Shares issued under these different structures have been reconfigured over time, resulting in a lack of convergence along either the Anglo-American or Continental models of corporate governance. The author uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock. The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East. The case studies connect the regional, state, and firm levels to detail the multiple ownership and control arrangements, and to dispel the notion that mere quantitative growth of these markets will lead to a convergence in financial institutional structures along the lines of the industrial core of the world economy.

"Kathryn Lavelle explains in clear, succinct terms how national political processes lead to equity market growth, and how that growth affects the process of corporate governance - and why it sometimes fails to do so as governments maintain a continuing grip of firms (especially those formerly state-owned). She links this discussion - through case studies focusing on Eastern Europe, Asia, Latin America and Africa - to cross-border equity flows and global capital markets, and to the role of international development organizations. The discussion covers the appearance of new financial products and new kinds of financial intermediaries in emerging markets, notably viable equity markets. Much of the discussion provides good news, although there are plenty of shadows involving missed opportunities and he potential for economic contamination through volatile cross-border capital flows"IR. From the Foreword by Ingo Walter - The Stern School of Business - NYU "Kathryn Lavelle explains in clear, succinct terms how national political processes lead to equity market growth, and how that growth affects the process of corporate governance - and why it sometimes fails to do so as governments maintain a continuing grip of firms (especially those formerly state-owned). She links this discussion - through case studies focusing on Eastern Europe, Asia, Latin America and Africa - to cross-border equity flows and global capital markets, and to the role of international development organizations. The discussion covers the appearance of new financial products and new kinds of financial intermediaries in emerging markets, notably viable equity markets. Much of the discussion provides good news, although there are plenty of shadows involving missed opportunities and he potential for economic contamination through volatile cross-border capital flows"IR. From the Foreword by Ingo Walter - The Stern School of Business - NYU

List of Illustrations
List of Tables
Preface
Introduction
Politics and the Extension of Equity Finance to Emerging Markets
Equity Finance in Historical Perspective
Financing Joint-Stock Companies in the Colonial Era
New States, New State Involvement
Globalization without Integration: International Considerations
Privatization and Share Supply in Emerging Markets
Case Studies of Stock Exchanges in Regional Perspective
Section Introduction
Latin America
Asia and the Pacific
Russia and East Europe
Africa and the Middle East
Conclusion
Stock Exchanges in the Global Political Economy
Appendixes
Index
Illustrations
Figures
Developed countries' stock of FDI in developing countries by host region
Market capitalization of EM firms listed in London
Market capitalization of EM firms listed in New York
International privatizations as a percentage of international equities offered
Equity issued as a percentage of GDP
Growth in market capitalization of emerging markets
Growth in number of listed domestic companies in emerging markets
Tables
Appearance of organized equity markets
Announced international equity issues
Summary of stock exchanges established in the imperial era
Average annual growth rates of flows of direct foreign investment from developed countries to developing countries, 1960-1978
Russian and Eastern European methods of privatization
Privatized company stock transactions in Chile
Summary of Latin American cases examined
Summary of Asian cases examined
Growth of the Budapest stock exchange
Growth of the Warsaw stock exchange
Summary of Russian and East European cases examined
Summary of African and Middle Eastern cases examined
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780195174106
ISBN-10: 0195174100
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 294
Published: 1st October 2004
Publisher: Oxford University Press Inc
Country of Publication: US
Dimensions (cm): 23.4 x 15.6  x 1.6
Weight (kg): 0.42